The newly independent bank’s shares will price tonight as National Australia
Bank prepares to sell the lender

Clydesdale and Yorkshire Bank’s sale has been given the green light by Australian courts, clearing the final hurdle to its flotation on the London Stock Exchange and the Australian Securities Exchange.

The bank has been in NAB's hands since the 1980s, but problems such as PPI mis-selling caused the parent a headache Photo: Alamy

The Supreme Court of Victoria gave the green light to the float earlier today.

“The court’s approval today is the final significant step in the separation of NAB and CYBG into two independent corporate groups,” said NAB Group chief executive Andrew Thorburn.

“The demerger allows each business to focus on improving performance in their home markets and on business priorities that will maximise value for their respective shareholders. Both companies can now look ahead to the future. NAB is now in a position to focus all its resources, attention and leadership on the markets most important for us – Australia and New Zealand.”

The stock is due to start conditional trading tomorrow. Unconditional trading will commence on February 8.